ETF Line-Up

The Cambria Family of ETFs
Investable Benchmarks – CoreCambria characterizes “Investable Benchmarks” as low-cost, core portfolios that provide the investor broad global market exposurein a single ETF wrapper. Cambria’s pioneering GAA & TRTY ETFs implement factor tilts to value and momentum strategies, and bothfeature a permanent 0% management fee*. While GAA provides buy and hold exposure to broadly mirror the global market portfolio,
TRTY also implements trend following strategies.
Cambria Global Asset Allocation ETFGAAInception: 12/09/2014

Cambria Trinity ETF

TRTY

Inception: 9/10/2018

Shareholder YieldDividends are only part of the story. Shareholder friendly companies generate value for investors by paying dividends, buying backshares, and paying down debt. Cambria’s total shareholder yield oriented ETFs target companies that show a trend of returning freecash flow to their shareholders.
Cambria Shareholder Yield ETF

SYLD

Inception: 5/14/2013

Cambria Foreign Shareholder Yield ETF

FYLD

Inception: 12/03/2013

Cambria Emerging Shareholder Yield ETF

EYLD

Inception: 7/14/2016

Cambria Micro and Small Cap Shareholder Yield ETF

MYLD

Inception: 1/04/2024

Cambria Large Cap Shareholder Yield ETF

LYLD

Inception: 7/12/2024

Global Deep Value
Research shows that the Cyclically Adjusted Price to Earnings Ratio (Shiller’s CAPE) is a very powerful predictor of future returns.
This strategy identifies some of the cheapest equity markets by this measure. Within those markets, the fund invests in the most
attractively priced stocks using Cambria’s proprietary valuation model.
Cambria Global Value ETF

GVAL

Inception: 03/12/2014

Tactical Risk Management
Cambria’s tactical risk management fund VAMO seeks to participate in equity market upside while potentially limiting downsideexposure from market downturns. Unlike VAMO, TAIL is a pure play defensive strategy that utilizes puts to provide inverse exposure
to the S&P 500 Index paired with a portfolio of US government bonds. FAIL takes the same defensive strategy as TAIL, but insteadof delivering inverse exposure to the S&P 500 Index, it is designed to deliver inverse exposure to non-us equity markets through aportfolio of put options on broad non-U.S. stock markets paired with a portfolio of U.S. and non-U.S. government bonds.
Cambria Value and Momentum ETF

VAMO

Inception: 9/08/2015

Cambria Tail Risk ETF

TAIL

Inception: 4/06/2017

Cambria Global Tail Risk ETF

FAIL

Inception: 3/15/2021

Trend Following
Meb Faber’s research, published in A Quantitative Approach to Tactical Asset Allocation (2006, updated 2013), shows that historically,sorting asset classes based on trailing measures of momentum and trend can lead to outperformance. GMOM can invest in all assetclasses across all geographies. MFUT attempts to identify opportunities in market trends, across four macro asset classes: currencies,commodities, fixed income, and equities, providing global long/short exposure.
Cambria Global Momentum ETF

GMOM

Inception: 11/04/2014

Cambria Chesapeake Pure Trend ETF

MFUT

Inception: 5/29/2024

Thematic
With a shift in the global public’s view toward cannabis, legislative reform is paving the way toward cannabis legalization, we feel thecannabis industry offers significant investment opportunity. The Cambria Cannabis ETF offers low cost exposure to cannabis stocks
globally. Cambria views real estate as a core piece of the investment opportunity set. BLDG breaks the market-capitalization link with
its equal-weight portfolio construction approach and offers global, active exposure to real estate through a thoughtful multi-factor
approach focused on value, quality, and momentum.
Cambria Cannabis ETF

TOKE

Inception: 7/25/2019

Cambria Global Real Estate ETF

BLDG

Inception: 9/10/2020

Tactical Yield
Principles of value investing are familiar to many equity investors. These same principles can be applied to fixed income by buying
and holding attractively priced (high yielding) fixed income securities. TYLD utilizes a quantitative methodology that considers variousglobal fixed income sectors and REITs and invests tactically based on yield spreads to U.S. Treasury Bills. TYLD intends to hold U.S.
Treasury Bills when yield spreads are narrow and hold positions in various global fixed income sectors and REITs when yield spreads
are sufficiently wide.
Cambria Tactical Yield ETF

TYLD

Inception: 1/4/2024

To determine if the Fund is an appropriate investment for you, carefully consider
the Fund’s investment objectives, risk factors, charges and expenses before
investing. This and other information can be found in the Fund’s prospectus which
may be obtained by calling 855-383-4636 (ETF INFO) or visiting our website
at www.cambriafunds.com. Read the prospectus carefully before investing orsending money.
SYLD, FYLD, EYLD, MYLD, LYLD, TYLD, TAIL, FAIL, VAMO, GMOM, TRTY, GAA, BLDG,
TOKE and GVAL are distributed by ALPS Distributors, Inc., 1290 Broadway, Suite
1000, Denver, CO 80203. MFUT is distributed by Foreside Fund Services, LLC. ALPS,Foreside, and Cambria are not related.
Investing involves risk, including potential loss of capital.
TYLD, MYLD, MFUT, and LYLD are new and have limited operating history.
SYLD, FYLD, EYLD, MYLD, LYLD, GVAL: There is no guarantee that a Fund willachieve its investment goal. Investing involves risk, including the possible loss ofprincipal. High yielding stocks are often speculative, high-risk investments. The
underlying holdings of the Funds may be leveraged, which will expose the holding tohigher volatility and may accelerate the impact of any losses. These companies canbe paying out more than they can support and may reduce their dividends or stop
paying dividends at any time, which could have a material adverse effect on the stock
price of these companies and the Fund’s performance. International investing may
involve risk of capital loss from unfavorable fluctuations in currency values, fromdifferences in generally accepted accounting principles, or from economic or politicalinstability in other nations. Emerging markets involve heightened risks related to thesame factors as well as increased volatility and lower trading volume. Investments insmaller companies typically exhibit higher volatility. Narrowly focused funds typicallyexhibit higher volatility.
GAA, TRTY, GMOM: Investments in sovereign and quasi-sovereign debt obligations
involve special risks not present in corporate debt obligations. The issuer of thesovereign debt or the authorities that control the repayment of the debt may beunable or unwilling to repay principal or interest when due, and the Fund may
have limited recourse in the event of a default. Investments in commodities aresubject to higher volatility than more traditional investments. The fund may invest
in derivatives, which are often more volatile than other investments and may
magnify the Fund’s gains or losses. The use of leverage by the fund managers
may accelerate the velocity of potential losses. The Fund employs a ‘momentum’
style of investing that emphasizes investing in securities that have had higher
recent price performance compared to other securities. This style of investingis subject to the risk that these securities may be more volatile than a broadcross section of securities or that the returns on securities that have previously
exhibited price momentum are less than returns on other styles of investing or theoverall stock market. Investments in smaller companies typically exhibit higher
volatility. Diversification may not protect against market loss. Emerging markets
involve heightened risks related to the same factors as well as increased volatility
and lower trading volume. The risk of investing in securities of ETFs, ETPs andinvestment companies typically reflect the risk of the types of instruments in which
the underlying ETF, ETP or investment company invests. In addition, with suchinvestments the Fund bears its proportionate share of fees and expenses of theunderlying entity. As a result, the Fund’s operating expenses may be higher, andperformance may be lower.
TAIL, FAIL: Derivatives are financial instruments that derive their performance froman underlying reference asset, such as an index. Derivatives, such as put options,can be volatile, and a small investment in a derivative can have a large impact on theperformance of the Fund as derivatives can result in losses in excess of the amountinvested. Options used by the Fund to offset its exposure to tail risk or reduce
volatility may not perform as intended. There can be no assurance that the Fund’s
put option strategy will be effective. The put option strategy may not fully protect theFund against declines in the value of its portfolio securities.
FAIL: Prior to 3/15/21, FAIL operated as Cambria Sovereign Bond ETF (SOVB). On
that date, the investment strategy and objective also changed. Any performance prior
to 3/15/21 was achieved under the previous strategy.

VAMO: The fund may hedge up to 100% of the value of the fund’s long portfolio.
The fund may use derivatives to attempt to effectuate such hedging during times
when the advisor believes that the U.S. equity market is overvalued from a valuation
standpoint, or model identifies unfavorable trends and momentum in the U.S. equity
market. The primary risk of derivative instruments is changes in market valueof securities held by the fund and of the derivative instruments relating to thosesecurities may not be proportionate. Derivatives are often more volatile than otherinvestments and may magnify the fund’s gains or losses.
BLDG: The fund’s investments are concentrated in real estate-related industries,
and the fund may be susceptible to loss due to adverse occurrences affecting
these industries including declines in the real estate market, decreases in property
revenues, increases in interest rates, increases in property taxes and operating
expenses, legal and regulatory changes, a lack of credit or capital, defaults byborrowers or tenants, environmental problems and natural disasters. The availabilityof mortgages and changes in interest rates may also affect real estate values.
TOKE: Cannabis companies are subject to various laws and regulations thatmay differ at the local and federal level. They are subject to the risks associatedwith agricultural, biotechnology and pharmaceutical industries. Since the use ofmarijuana is illegal under United States federal law, federally regulated banking
institutions may be unwilling to make financial services available to growers andsellers of marijuana. The Fund’s investments are concentrated in the cannabis
industry, and the Fund may be susceptible to loss due to adverse occurrences
affecting the industry. The Fund is also expected to have significant exposure to
health care, consumer discretionary and consumer staples sectors.
TYLD: This fund is new and has a limited operating history. There is no guaranteethat the Fund will achieve its investment goal. Investing involves risk, including thepossible loss of principal. Bonds and bond funds are subject to interest rate risk andwill decline in value and rising interest rates. High yield bonds involve greater riskof default or downgrade and are more volatile than investment-grade securities, due
to the speculative nature of their investments. International investing may involverisk of capital from unfavorable fluctuations in currency values, from differences ingenerally accepted accounting principles, or from economic or political instability inother nations. Emerging markets involve heightened risks related to the same factors
as well as increased volatility and lower trading volume. Investment in smaller
companies typically exhibit higher volatility. The Fund is not diversified.
MFUT: There is no guarantee that the Fund will achieve its investment goal.
Investing involves risk, including the possible loss of principal. Commodities Risk:
Exposure to the commodities markets may subject the Fund to greater volatility
than investments in traditional securities. Fixed Income Securities Risk: The pricesof fixed income securities respond to economic developments, particularly interest
rate changes, as well as to changes in an issuer’s credit rating or market perceptions
about the creditworthiness of an issuer. Foreign Securities Risk: The Fund may
invest in foreign securities. Such investments involve certain risks not involved indomestic investments and may experience more rapid and extreme changes in value
than investments in securities of U.S. companies. Leverage Risk: The derivative
instruments in which the Fund may invest provide the economic effect of financial
leverage by creating additional investment exposure to the underlying instrument, as
well as the potential for greater loss. If the Fund uses leverage through purchasing
derivative instruments, the Fund has the risk that losses may exceed the net assetsof the Fund. Derivatives Risk: Derivatives are financial instruments that derive value
from the underlying reference asset or assets, such as stocks, bonds, commodities,currencies, funds (including ETFs), interest rates or indexes. Short Selling Risk:
If a security sold short or other instrument increases in price, the Fund may haveto cover its short position at a higher price than the short sale price, resulting ina loss. Commodity-Linked Derivatives Tax Risk: The tax treatment of commoditylinked derivative instruments may be adversely affected by changes in legislation,regulations, or other legally binding authority. Non-Diversification Risk: Because
the Fund is “non-diversified,” it may invest a greater percentage of its assets in thesecurities of a single issuer or a smaller number of issuers than if it was a diversified
fund.
All Cambria ETFs are actively managed.

Cambria Investment Management, LP
3300 Highland Ave | Manhattan Beach, CA 90266 | (310) 683-5500 | www.cambriafunds.com
CBM001697